FSA planned to regulate 105 cryptocurrencies as financial products, required risk disclosures, and cut trading profits tax to 20%.

Japan’s Financial Services Agency (FSA) is planning new regulations that would treat 105 cryptocurrencies, including bitcoin and ethereum, as financial products subject to insider trading rules.

Under the proposal, exchange operators would need to disclose the risks of price volatility. Banks and insurance companies can also sell cryptocurrencies to customers through their securities firms. Profits from crypto trading will be taxed at 20%, down from the current rate of up to 55%.

The FSA aims to pass the legislation during next year’s ordinary parliamentary session.